Canadian Overseas Petroleum announces its 2019 production outlook

Created: Thursday, 31 January 2019 10:05

Canadian Overseas Petroleum Limited, an international oil and gas exploration and development company focused on offshore Africa, has announced that it plans to have four appraisal wells in production by the end of 2020

The company has revealed that these wells will increase its production by approximately 6000-10000 bpd.

It has scheduled an assessment for OPL 226 in Nigeria for mid-2019 and hopes to achieve project financing for the company's joint venture, ShoreCan, which is scheduled to be completed by the end of Q2.

Canadian Overseas added that it wants to conclude the negotiations and execute a PSC with the government of Mozambique. It also plans to acquire a production asset.

Arthur Millholland, president and CEO, commented, “We have made significant progress over the last year, having secured financing from an African-focused commercial bank and a global commodities trading firm, which will allow us to capitalise on the significant production opportunity that our offshore Nigerian asset represents.”

“With the potential for significant near-term production at OPL 226, we are focused on ensuring this comes on stream as soon as possible, with the first production well scheduled to commence drilling by mid-2019, assuming all steps of the process are in order,” he continued.

“Having achieved certain milestones in 2018, and given the level of interest we’ve received in OPL 226, we enter 2019 with renewed optimism,” he concluded.